VBI Vaccines (VBI Vaccines) Operating Income : $-47.56 Mil (TTM As of Mar. 2024)

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What is VBI Vaccines Operating Income?

VBI Vaccines's Operating Income for the three months ended in Mar. 2024 was $-11.75 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 was $-47.56 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. VBI Vaccines's Operating Income for the three months ended in Mar. 2024 was $-11.75 Mil. VBI Vaccines's Revenue for the three months ended in Mar. 2024 was $1.21 Mil. Therefore, VBI Vaccines's Operating Margin % for the quarter that ended in Mar. 2024 was -968.04%.

Good Sign:

VBI Vaccines Inc operating margin is expanding. Margin expansion is usually a good sign.

VBI Vaccines's 5-Year average Growth Rate for Operating Margin % was 0.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. VBI Vaccines's annualized ROC % for the quarter that ended in Mar. 2024 was -41.44%. VBI Vaccines's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 was -553.81%.

VBI Vaccines Operating Income Historical Data

The historical data trend for VBI Vaccines's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

VBI Vaccines Operating Income Chart

VBI Vaccines Annual Data

Trend

Mar14

Mar15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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-46.11

-43.62

-68.03

-81.82

-55.31

VBI Vaccines Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Operating Income	Get a 7-Day Free Trial															-19.51	-16.97	-6.47	-12.36	-11.75

VBI Vaccines Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 adds up the quarterly data reported by the company within the most recent 12 months, which was $-47.56 Mil.

VBI Vaccines (NAS:VBIV) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

VBI Vaccines's annualized ROC % for the quarter that ended in Mar. 2024 is calculated as:

	ROC % (Q: Mar. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2023 )	+	Invested Capital (Q: Mar. 2024 ))	/ count )
=	-47.008 * ( 1 - 0% )	/	( (114.399	+	112.448)	/ 2 )
=	-47.008	/	113.4235
=	-41.44 %

where

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	86.951	-	12.057	-	( 23.685	-	max(0, 75.736	-	36.231	+	23.685	))
=	114.399

	Invested Capital		(Q: Mar. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	75.443	-	14.228	-	( 12.595	-	max(0, 77.594	-	26.361	+	12.595	))
=	112.448

Note: The Operating Income data used here is four times the quarterly (Mar. 2024) data.

2. Joel Greenblatt's definition of Return on Capital:

VBI Vaccines's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2023		Q: Mar. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-63.544	/	( ( (11.913 + max(-12.713, 0))	+	(11.035 + max(-15.76, 0)) )	/	2 )
=	-63.544	/	( ( 11.913	+	11.035 )	/	2 )
=	-63.544	/	11.474
=	-553.81 %

where Working Capital is:

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	8.499	+	2.779)	-	(12.057	+	10.877	+	1.057)
=	-12.713

	Working Capital		(Q: Mar. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.227	+	9.944	+	2.087)	-	(14.228	+	12.785	+	1.005)
=	-15.76

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2024) EBIT data.

3. Operating Income is also linked to Operating Margin %:

VBI Vaccines's Operating Margin % for the quarter that ended in Mar. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2024 )	/	Revenue (Q: Mar. 2024 )
	=	-11.752	/	1.214
	=	-968.04 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

VBI Vaccines Operating Income Related Terms

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VBI Vaccines (VBI Vaccines) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » VBI Vaccines Inc (NAS:VBIV) » Definitions » Operating Income

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Traded in Other Exchanges

LO9A:Germany

Address

160 Second Street, Floor 3, Cambridge, MA, USA, 02142

Website

https://www.vbivaccines.com

VBI Vaccines Inc is a US-based commercial-stage, the biopharmaceutical company which is engaged in developing next-generation vaccines to address unmet needs in infectious disease and immuno-oncology. The company manufactures Sci-B-Vac product which is a hepatitis B (HBV) vaccine for adults, children, and newborns. Its products include Virus-Like Particle which is vaccine platform which allows for the design of enveloped virus-like particle vaccines that closely mimic the target viruses. The company operates through the single segment being Developing vaccines to address unmet needs in infectious disease and immuno-oncology.

Executives

Steven Gillis	director	8755 W. HIGGINS ROAD, SUITE 1025, CHICAGO IL 60631
Vaughn B Himes	director	C/O SEATTLE GENETICS, INC., 21823 30TH DRIVE SE, BOTHELL WA 98021
Perceptive Life Sciences Master Fund Ltd	10 percent owner	C/O PERCEPTIVE ADVISORS LLC, 51 ASTOR PLACE, 10TH FLOOR, NEW YORK NY 10003
John Robert Dillman	officer: Chief Commercial Officer	C/O VBI VACCINES INC., 160 SECOND STREET, FLOOR 3, CAMBRIDGE MA 02142
Nell Beattie	officer: Director, Corp Development/IR	222 THIRD STREET, SUITE 2241, CAMBRIDGE MA 02142
Linda Bain	director	C/O BLUEBIRD BIO, INC., 840 MEMORIAL DRIVE, CAMBRIDGE MA 02139
Damian Braga	director	222 THIRD STREET, SUITE 2241, CAMBRIDGE MA 02142
Francisco Diaz-mitoma	officer: Chief Medical Officer	222 THIRD STREET, SUITE 2241, CAMBRIDGE MA 02142
Christopher Mcnulty	officer: CFO and Head of BD	C/O INVIVO THERAPEUTICS HOLDINGS CORP., 1 KENDALL SQUARE, SUITE B14402, CAMBRIDGE MA 02139
Jeff Baxter	director, officer: President and CEO	C/O VBI VACCINES INC.,, 222 THIRD STREET, STE 2241, CAMBRIDGE MA 02142
Joanne Cordeiro	director	171 SWANTON STREET, UNIT 48, WINCHESTER MA 01890
Blaine H. Mckee	director	C/O HART, 84 OCTOBER HILL ROAD, SUITE 11, HOLLISTON MA 01746
Tomer Kariv	director	C/O ARNO THERAPEUTICS, INC., 200 ROUTE 31 NORTH, SUITE 104, FLEMINGTON NJ 08822
Joseph Edelman	10 percent owner	C/O PERCEPTIVE ADVISORS LLC, 51 ASTOR PLACE, 10TH FLOOR, NEW YORK NY 10003
Perceptive Advisors Llc	10 percent owner	51 ASTOR PLACE, 10TH FLOOR, NEW YORK NY 10003